Name of the Project
Blackwater gold mine expansion.

Location
Central British Columbia, Canada. 

Project Owner/s
Canada-based gold development company Artemis Gold Inc.

Project Description
Blackwater is an operating openpit truck-and-shovel gold and silver mine. The Phase 1 operation, based on a six-million-tonne-a-year processing plant, achieved its first gold and silver pour in January 2025 and commercial production on May 1, 2025. 
Artemis is now focused on expanding Blackwater through Phase 1A and Expanded Phase 2 (EP2). 

Phase 1A will increase processing capacity by 33% to eight-million tonnes a year. The expansion comprises modifications to the existing plant, including the installation of a 3.5 MW vertical grinding mill and other plant enhancements designed to improve throughput and recoveries.

EP2 will expand Blackwater from 8-million tonnes a year to 21-million tonnes a year. The expansion includes a separate 13-million-tonne-a-year processing plant adjacent to the Phase 1 plant, allowing for current operations to be segregated from EP2 construction and minimising disruption. The planned capacity is within Blackwater's existing approvals of 21.9-million tonnes a year, or 60 000 t/d.

Once EP2 is in production, Blackwater is expected to produce 500 000 oz to 525 000 oz of gold a year for the first ten full years, with average all-in sustaining costs of about US$1 000/oz to US$1 100/oz of gold. 

Artemis expects the mine to have a current life to 2043 at the EP2 processing rate, with further opportunities through optimisation, resource-to-reserve conversion, exploration and possible expansions beyond 21-million tonnes a year.

Blackwater has total measured and indicated resources of 11.7-million ounces of gold and 122.4-million ounces of silver, with 8-million ounces of gold in mineral reserves.

Potential Job Creation
As at January 2026, Blackwater had about 575 employees on site. EP2 is expected to support about 1 500 construction jobs and about 1 200 operations jobs.

Net Present Value/Internal Rate of Return
Artemis has not disclosed an updated net present value or internal rate of return for the current Phase 1A/EP2 growth plan. 

Capital Expenditure
Phase 1A is estimated to cost C$110-million, while EP2 is estimated at C$1.44-billion. For 2026, Artemis has guided for growth capital of C$670-million to C$745-million, comprising C$95-million to C$100-million for Phase 1A, C$385-million to C$435-million for EP2 and C$190-million to C$210-million for other expansion capital.

Planned Start/End Date
Phase 1 is complete: Blackwater achieved first gold and silver pour in January 2025 and commercial production on May 1, 2025.

Phase 1A construction started in September 2025 and is scheduled for full commissioning in the fourth quarter of 2026.

EP2 early works started in January 2026. Major works construction is expected to start in the third quarter of 2026 and continue for about two years, with the expansion scheduled to lift Blackwater's processing capacity to 21-million tonnes a year by the end of 2028.

Latest Developments
Artemis produced 61 923 oz of gold at Blackwater in the first quarter of 2026 and sold 60 517 oz. The company has maintained its full-year 2026 production guidance of 265 000 oz to 290 000 oz of gold.

Phase 1A was about 34% complete as at March 31, 2026, and remained on track to increase processing capacity to eight-million tonnes a year by the end of the fourth quarter of 2026. All 13 procurement packages had been committed, while foundation civil works and concrete pours for the vertical mill and mill building were completed during the quarter.

EP2 early works started in January 2026, with major works planned to start in the third quarter of 2026. Artemis has placed orders for several long-lead items, including the primary grinding mills, and the EP2 ball mill components were en route to site at quarter-end.

On April 29, 2026, the province of British Columbia added EP2 to its list of priority major projects.

Artemis has also started a 2026 diamond drilling programme targeting extensions to the north and east of the existing mineral reserve pit design, while studies on material movement alternatives, processing capacity increases, mine planning and cutoff-grade optimisation are continuing.

Key Contracts, Suppliers and Consultants
Ausenco Engineering Canada, with support from Knight Piésold; Moose Mountain Technical; Allnorth Consultants; Lorax Environmental Services; ERM Consultants; JAT MetConsult; and Metso (long-lead grinding equipment for the expansion).

Contact Details for Project Information
Artemis Gold, tel +1 604 558 1107 or email info@artemisgoldinc.com.